Healthcare practices spend a huge amount of revenue on managing the revenue cycle in-house while incurring losses due to lack of automation, non-integrated applications, or the use of manual processes. Read this blog post to find out why outsourcing revenue cycle management can give you better results at a fraction of your current cost.
Managing the business end of a practice can be both tedious and frustrating for your physicians. This is especially true when it comes to revenue cycle management. At times, even if you have a team of excellent medical staff, you could experience inefficiencies in your revenue cycle management, which in turn, could lead to huge financial losses.
If your practice is facing such a scenario, you could be wondering if you should try outsourcing. Since revenue cycle management has a huge impact on your bottom line, it is a great idea to consider outsourcing. When a team of dedicated experts handles your revenue cycle management, your practice will be sure to see a boost in your bottom line.
Let us explore why outsourcing revenue cycle management is a good choice for your practice:
Read this blog post to find out about all the steps involved in healthcare revenue cycle management and how they impact hospitals.
Hospitals, clinics and healthcare centers use a healthcare revenue cycle to manage all of their administrative and clinical data that comes into their hospital on a day-to-day basis. Revenue cycle management is not complex but it is an arduous process that involves a lot of data passing through multiple departments in a hospital. This is why getting access to accurate data is critical to successful business management. The revenue cycle management process involves the execution of all administrative and clinical functions that include the capturing, managing and collecting of patient service data. In short, it revolves around a patient’s account right from the registration to the bill payment.
Here is a list of all the functions involved in a healthcare revenue cycle, to help you understand how the system works. Healthcare professionals use these steps to grow and maintain the revenue stream of a hospital.
The first step in revenue cycle management is pre-registration that refers to the collection of information prior to the arrival of the patient. Details like name of the patient, medical history, demographic info, insurance details and payment details are collected. Pre-registration can provide huge benefits to both parties. Patients can see their doctors more quickly, instead of filling out forms and they can stay aware of their costs ahead of time. Hospitals on the other hand can expect their patients to pay their bill on time, simply by allowing their patients to see the costs for a medical procedure. This eliminates the likelihood of bad debts for hospitals. Pre-registrations help in streamlining the process and increasing the satisfaction of patients.
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